EURUSD Daily Forecast: September 09

By IBT Staff Reporter On 09/09/11 AT 1:05 AM

EURUSD Forecast

The EURUSD had a significant bearish momentum yesterday, broke below the major bullish channel as you can see on my daily chart below. This fact not only could continue the bearish correction phase since the fall from 1.4939 but also could be an early signal of a major bearish reversal scenario at least testing 1.3800 region. Immediate resistance is seen around 1.4000. A clear break back above that area could lead price to neutral zone in nearest term testing 1.4100 region but overall I still prefer a bearish scenario at this phase.